Financials Hennes & Mauritz AB

Equities

HM B

SE0000106270

Apparel & Accessories Retailers

Market Closed - Nasdaq Stockholm Other stock markets 11:29:34 2024-05-31 am EDT			5-day change	1st Jan Change
185.6 ^SEK	+0.46%		-0.88%	+5.08%

May. 31	H&M: new concept store opens in Seoul	CF
May. 31	UK government stake in NatWest falls to 22.5% after buyback	AN

Valuation

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	305,924	300,561	264,812	190,119	272,519	298,917	-	-
Enterprise Value (EV) ¹	311,310	364,086	304,032	241,047	324,091	348,769	351,022	353,930
P/E ratio	22.8 x	242 x	24.1 x	54 x	31.4 x	20.7 x	18.2 x	16.9 x
Yield	-	-	4.06%	5.57%	3.87%	3.84%	4.23%	4.57%
Capitalization / Revenue	1.31 x	1.61 x	1.33 x	0.85 x	1.15 x	1.25 x	1.21 x	1.17 x
EV / Revenue	1.34 x	1.95 x	1.53 x	1.08 x	1.37 x	1.45 x	1.42 x	1.38 x
EV / EBITDA	11 x	12.5 x	8.09 x	8.1 x	8.64 x	8.02 x	7.7 x	7.48 x
EV / FCF	16.7 x	16.3 x	7.39 x	13.1 x	13 x	18.6 x	14.9 x	15.3 x
FCF Yield	5.99%	6.12%	13.5%	7.66%	7.71%	5.36%	6.69%	6.52%
Price to Book	5.36 x	5.5 x	4.41 x	3.75 x	5.72 x	5.93 x	5.5 x	5.18 x
Nbr of stocks (in thousands)	1,655,072	1,655,072	1,655,072	1,629,687	1,623,103	1,610,542	-	-
Reference price ²	184.8	181.6	160.0	116.7	167.9	185.6	185.6	185.6
Announcement Date	1/30/20	1/29/21	1/28/22	1/27/23	1/31/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	232,764	187,031	198,967	223,571	236,035	240,058	247,687	255,824
EBITDA ¹	28,397	29,052	37,575	29,748	37,492	43,487	45,598	47,312
EBIT ¹	17,346	3,099	15,255	7,169	14,537	20,883	22,938	24,311
Operating Margin	7.45%	1.66%	7.67%	3.21%	6.16%	8.7%	9.26%	9.5%
Earnings before Tax (EBT) ¹	17,391	2,052	14,300	6,216	13,010	19,229	21,757	23,418
Net income ¹	13,443	1,243	11,010	3,566	8,752	14,530	16,474	17,731
Net margin	5.78%	0.66%	5.53%	1.6%	3.71%	6.05%	6.65%	6.93%
EPS ²	8.120	0.7500	6.650	2.160	5.350	8.975	10.18	10.98
Free Cash Flow ¹	18,646	22,294	41,155	18,465	24,985	18,709	23,494	23,072
FCF margin	8.01%	11.92%	20.68%	8.26%	10.59%	7.79%	9.49%	9.02%
FCF Conversion (EBITDA)	65.66%	76.74%	109.53%	62.07%	66.64%	43.02%	51.52%	48.77%
FCF Conversion (Net income)	138.7%	1,793.56%	373.8%	517.81%	285.48%	128.77%	142.61%	130.13%
Dividend per Share ²	-	-	6.500	6.500	6.500	7.130	7.848	8.482
Announcement Date	1/30/20	1/29/21	1/28/22	1/27/23	1/31/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	124,275	83,612	103,419	86,569	56,813	49,166	54,504	103,670	57,450	62,451	54,872	57,616	112,488	60,897	62,650	123,547	53,669	59,660	113,590	62,220	64,344	56,350	62,084
EBITDA ¹	-	-	-	-	11,798	5,851	10,197	16,048	7,088	6,612	6,230	10,234	-	10,466	10,562	-	7,482	12,952	20,610	11,681	11,411	8,752	13,530
EBIT ¹	10,406	-3,498	6,597	2,724	6,259	458	4,988	5,446	902	821	725	4,741	5,466	4,739	4,332	-	2,077	7,391	9,747	6,286	5,923	3,300	8,043
Operating Margin	8.37%	-4.18%	6.38%	3.15%	11.02%	0.93%	9.15%	5.25%	1.57%	1.31%	1.32%	8.23%	4.86%	7.78%	6.91%	-	3.87%	12.39%	8.58%	10.1%	9.21%	5.86%	12.95%
Earnings before Tax (EBT) ¹	10,414	-3,978	6,030	2,204	6,003	282	4,688	4,913	689	463	396	4,325	4,721	4,373	3,916	-	1,606	6,992	8,791	5,682	5,511	2,908	7,650
Net income ¹	-	-3,063	-	1,697	4,621	217	3,682	3,899	531	-864	541	3,296	3,837	3,328	1,587	4,915	1,209	5,307	6,562	4,271	4,043	2,191	5,758
Net margin	-	-3.66%	-	1.96%	8.13%	0.44%	6.76%	3.76%	0.92%	-1.38%	0.99%	5.72%	3.41%	5.46%	2.53%	3.98%	2.25%	8.9%	5.78%	6.86%	6.28%	3.89%	9.28%
EPS ²	-	-1.850	-	1.030	2.790	0.1300	2.220	2.360	0.3200	-0.5300	0.3300	2.020	2.350	2.040	0.9700	3.000	0.7500	3.287	4.060	2.625	2.383	1.260	3.610
Dividend per Share ²	-	-	-	-	6.500	-	-	-	-	6.500	-	-	-	-	3.250	-	-	3.250	-	-	3.250	-	3.625
Announcement Date	1/30/20	6/26/20	1/29/21	7/1/21	1/28/22	3/31/22	6/29/22	6/29/22	9/29/22	1/27/23	3/30/23	6/29/23	6/29/23	9/27/23	1/31/24	1/31/24	3/27/24	-	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,386	63,525	39,220	50,928	51,572	49,852	52,106	55,013
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.1897 x	2.187 x	1.044 x	1.712 x	1.376 x	1.146 x	1.143 x	1.163 x
Free Cash Flow ¹	18,646	22,294	41,155	18,465	24,985	18,709	23,494	23,072
ROE (net income / shareholders' equity)	23.3%	2.2%	19.2%	6.4%	17.7%	29.8%	31.3%	31%
ROA (Net income/ Total Assets)	11.2%	0.84%	6.22%	3.11%	4.82%	8.14%	9.45%	9.83%
Assets ¹	119,638	147,432	177,076	114,508	181,660	178,470	174,244	180,295
Book Value Per Share ²	34.50	33.00	36.30	31.20	29.30	31.30	33.70	35.90
Cash Flow per Share ²	17.50	15.60	27.00	14.90	20.80	15.20	17.10	18.40
Capex ¹	10,340	3,606	3,464	6,011	8,964	11,122	11,155	11,699
Capex / Sales	4.44%	1.93%	1.74%	2.69%	3.8%	4.63%	4.5%	4.57%
Announcement Date	1/30/20	1/29/21	1/28/22	1/27/23	1/31/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hennes & Mauritz AB

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

185.6 SEK

Average target price

170.9 SEK

Spread / Average Target

-7.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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